The British Virgin Islands' Financial Services Commission has announced that it will commence the maintaining of registers of beneficial ownership for all registered BVI Business Companies and Limited Partnerships from 2 January 2025. 

In a statement on 13 December, the commission said this follows from the territory’s commitment to ensure that beneficial ownership information is adequate, accurate and up to date.

Beneficial ownership information will be filed with the Registry of Corporate Affairs through the Commission’s flagship VIRRGIN platform.

The change will see beneficial ownership information now being held by a public authority (the Commission’s Registry
of Corporate Affairs), in keeping with the international standards and requirements.

In anticipation of this transition, the commission further said it had established a new Beneficial Ownership Unit
within the Registry with dedicated resources for the receipt and verification of all beneficial ownership
transactions.

The commission announced at its Meet the Regulator (MTR) Forum on Thursday, 12 December 2024, that filing of beneficial ownership information for existing entities will be at no cost until 2 July 2025.

At the MTR, managing director and CEO Kenneth Baker highlighted the critical nature of ongoing collaboration between
the Commission and industry stakeholders. “Your input and engagement are welcomed, necessary and invaluable. We
hope you will recognise that it has been instructive and instrumental in the shaping of the legislative amendments,” he
stated.

Baker further indicated that it was integral that all participants in such an ecosystem are clear about regulatory
requirements and the consequences of breaches of their obligations.

Other speakers included the commission’s deputy managing directors for operations and regulatory teams, the registrar for corporate affairs, and senior development and information technology specialists.

Together, they emphasised, the objectives of the new regime and provided details of the legislative framework. Attendees were also given a preview of how BO filings and transactions will be made in the VIRRGIN system. The Commission also gave an overview of its mechanisms and protocols around the system and its data which ensure their integrity and security.